Ord 1988-019 - Laserfiche WebLink

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(a) The City Council hereby declares and covenants that it will provide and levy a tax legally and fully sufficient for payment of the Bonds, it having been determined that the existing and available taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in consideration of all other outstanding obligations of the City. (b) In order to provide for the payment of the debt service requirements on the Bonds, being (i) the interest on the Bonds, and (ii) a sinking fund for their payment at maturity or a sinking fund of two percent (whichever amount is the greater), there is hereby levied for the current year and each succeeding year thereafter, while the Bonds or interest thereon remain outstanding and unpaid, a tax within legal limitations on each $100 valuation of taxable property in the City that is sufficient to pay such debt service requirements, full allowance being made for delinquencies and costs of collection. (c) The tax levied by this Section shall be assessed and collected each year and applied to the payment of the debt service requirements on the Bonds, and the tax shall not be diverted to any other purpose. AR nCLE III AUTHORIZA nON; GENERAL TERMS AND PROVISIONS REGARDING THE BONDS Section 3.01. Authorization. The City's bonds to be designated "City of San Marcos, Texas, General Obligation Bonds, Series 1988," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas, in the aggregate principal amount of $1,660,000 for the following purposes: $1,360,000 for constructing and improving streets in said City, providing drainage facilities in connection therewith, and purchasing land and interests in land and properties necessary therefor; and $300,000 for acquiring and equipping fire fighting equipment for said City (Fire Department Telesquirt). Section 3.02. Date. Denomination. Maturities. Numbers and Interest. (a) The Bonds shall have the Original Issue Date of February 1, 1988, and shall be in fully registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof and shall be numbered separately from one upward or such other designation acceptable to the City and the Paying Agent/Registrar. (b) The Bonds shall mature on August 1 in the years and in the principal amounts and interest rates set forth below, interest on each Bond accruing from the Original Issue Date or the most recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of interest, payable semiannually on February 1 and August 1 of each year until maturity, commencing February 1, 1989, as follows: 2383f -4-